Heat oven to 325. In a small bowl, whisk together the flour, cocoa powder, baking powder, and salt; set aside. In a glass measuring cup, mix together the buttermilk and food coloring; set aside. Generously grease a 9-inch by 5-inch loaf pan with olive oil; set aside.

In a medium bowl, mix 4 tablespoons plus 1 teaspoon olive oil, sugar, and vanilla with an electric mixer until sugar dissolves, about 5 minutes. Add the egg and beat well. With mixer running on low, gradually add the flour mixture and buttermilk mixture, alternating until well combined.

Spread mixture into prepared pan and bake 19 - 24 minutes or until cake tests done. Let cake cool in pan 10 minutes and then invert cake onto a wire rack to cool completely.

Add ¼ cup almonds to the bowl of a food processor and pulse until finely ground. Break up the cake into pieces and add to the processor. Drizzle the liqueur over the cake and pulse until combined and cake begins to clump together. Roll cake into 18 tablespoon-size balls and place in refrigerator to chill for 15 minutes or until firm.

Meanwhile, place chocolate and remaining 2 teaspoons olive oil in a glass bowl over a pot of simmering water and stir until melted and smooth.

Dip cake balls in chocolate to cover completely and sprinkle with remaining ¼ cup almonds. Refrigerate until chocolate is set, about 15 minutes.